tag:blogger.com,1999:blog-46717371931281392022018-03-06T08:59:41.697-08:00Appleton Wills, Trusts & Estate PlanningAppleton Wisconsin Probate, Wills, Trusts and Estate Planning Attorneys, Kevin Davidson of The Estate Planning Group / Davidson Law Office,LLP discusses important documents and considerations for protecting your family and your assets, as well as Wisconsin Wills, Trusts, Estate Planning and Asset Protection issues.The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-4671737193128139202.post-82699580831447477992018-01-16T10:57:00.000-08:002018-01-16T10:58:22.737-08:00Is it time to review your estate plan?<h4> When did you last review your estate plan?<span style="mso-spacerun: yes;">&nbsp; </span>How long ago did you put in place your estate plan?<span style="mso-spacerun: yes;">&nbsp; </span>5 years? 10 years?<span style="mso-spacerun: yes;">&nbsp; </span>Over 10 years?<span style="mso-spacerun: yes;">&nbsp; </span>Do you currently have an estate plan in place?</h4><h4 class="MsoNormal" style="margin: 0in 0in 8pt;">&nbsp;</h4><h4 class="MsoNormal" style="margin: 0in 0in 8pt;">Reviewing one's estate plan serves at least two critical functions.<span style="mso-spacerun: yes;">&nbsp; </span>First, a review can guarantee your plan still functions according to your wishes.<span style="mso-spacerun: yes;">&nbsp; </span>All these questions can be answered by comprehensively reviewing your estate plan:</h4><h4 class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: &quot;symbol&quot;; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Do your assets still go to who you want?</h4><h4 class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: &quot;symbol&quot;; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Are the correct people listed in decision-making roles?</h4><h4 class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: &quot;symbol&quot;; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Have your desires changed for who you want to receive your assets?</h4><h4 class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: &quot;symbol&quot;; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Have certain decision-makers moved away?</h4><h4 class="MsoListParagraphCxSpLast" style="margin: 0in 0in 8pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: &quot;symbol&quot;; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Have minor children now become responsible adults who are ready to serve on your behalf?</h4><h4 class="MsoNormal" style="margin: 0in 0in 8pt;">Secondly, a review can alert you to new laws affecting your estate plan?<span style="mso-spacerun: yes;">&nbsp; </span>An example from a few years ago would be the changes regarding access to medical records with the Health Insurance Portability and Accountability Act (HIPAA).<span style="mso-spacerun: yes;">&nbsp; </span>A more recent example is the 2017 Tax Cuts and Jobs Act, which changed estate and gift taxation rules.<span style="mso-spacerun: yes;">&nbsp; </span>Whether it is the State Legislature or Congress, both organizations continue to pass laws to meet changing circumstances.<span style="mso-spacerun: yes;">&nbsp; </span>Staying up-to-date can mean the difference between a plan accomplishing your goals and a plan that causes unneeded problems and headaches.</h4><h4 class="MsoNormal" style="margin: 0in 0in 8pt;">For all our clients, we offer complimentary reviews every 3 years.<span style="mso-spacerun: yes;">&nbsp; </span>For clients, it is a chance to review their estate plan to ensure everything is&nbsp;current and there are no major changes requiring updates due to the passage of new laws.<span style="mso-spacerun: yes;">&nbsp; </span>For us, it is a chance to talk with clients and ensure their estate plan continues to meet their objectives.</h4><h4 class="MsoNormal" style="margin: 0in 0in 8pt;">If you have not put in place any estate planning documents, you are not alone.<span style="mso-spacerun: yes;">&nbsp; </span>In fact, you are in the majority!<span style="mso-spacerun: yes;">&nbsp; </span>Shocking numbers indicate that over 50% of people pass away with no estate planning documents&nbsp;in place.<span style="mso-spacerun: yes;">&nbsp; <a href="https://www.usatoday.com/story/money/personalfinance/2015/07/11/estate-plan-will/71270548/">https://www.usatoday.com/story/money/personalfinance/2015/07/11/estate-plan-will/71270548/</a></span>&nbsp; This often leads to countless hours, disputes, and unnecessary stress on loved ones who are dealing with your passing.<span style="mso-spacerun: yes;">&nbsp; </span></h4><h4 class="MsoNormal" style="margin: 0in 0in 8pt;">Whether you worked with us in the past or wish to work with us in the future, give us a call today or send us an e-mail by clicking <a href="mailto:contact@epgwi.com" rel="nofollow" target="_blank">here</a>!<span style="mso-spacerun: yes;">&nbsp; </span>We are always happy to assist individuals, businesses, and families, plan for a smooth and seamless&nbsp;future!</h4>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-33878935946949401812017-12-22T12:42:00.001-08:002017-12-22T12:42:39.066-08:00What's the big deal with Estate Taxes?<!-- x-tinymce/html -->Earlier today, President Trump signed into law the Tax Cuts and Jobs Act of 2017, capping one of the most significant tax overhauls in the last 30 years. One of the items sure to generate conversation is the changes made to estate taxes.<br /><br />Before we review the changes made to the estate tax, let's look back at the previous state of the estate tax. Prior to the passage of the 2017 Act, the last major estate tax change occurred in 2012.<br />Toward the end of 2012, Congress passed the American Taxpayer Relief Act (ATRA). It was signed into law by then-President Obama on January 2, 2013. ATRA amended the prior laws regarding estate taxes and set the estate tax rate at 40%. However, the 40% tax rate was only applicable to individuals who, at their death, sought to pass assets in excess of&nbsp;$5,000,000. So, while a 40% tax rate was high, a minimal number of individuals were affected.<br /><br />To go even further, ATRA included an inflation-protection rider, further increasing the exemption level with each passing year. In 2018, the exemption level was set to increase to $5,600,000. This means, under ATRA,&nbsp;an individual who died in 2018 could leave $5,600,000 to any number of individuals, charities, etc. without having to pay a single penny in estate taxes.<br /><br />For a married couple, the ATRA rules allow a virtual doubling of the estate tax exemption level, provided the proper tax forms are timely filed. In essence, this would have allowed&nbsp;both spouses, cumulatively, to transfer up to $11,200,000, without triggering any estate taxes in 2018.<br /><br />Now let's review the Tax Cuts and Jobs Act of 2017. With the signing of the 2017 Act, the estate tax exemption is doubled (currently, for years 2018-2025). This means that where before an individual could exempt $5,600,000, an individual can now shelter $11,200,000 from any estate taxes. For a married couple, properly utilizing the exemption rules, the exemption is doubled to $22,400,000. If no further action is taken by Congress prior to 2025, the exemption amounts will revert to the previous ATRA&nbsp;levels.<br /><br />With such a high exemption level,&nbsp;only about 0.3% of the population needed&nbsp;to worry about estate taxes under ATRA (and now it is even less, with the exemption doubling),.&nbsp; This does not mean though that the&nbsp;other 99.7% of the population does not&nbsp;need to complete their estate plan.<br /><br />Instead of focusing on estate tax avoidance, we can now examine&nbsp;your personal goals and how to protect your assets and your family. This includes protecting assets from beneficiaries, avoiding the probate process, and ensuring a smooth passing of your assets to your chosen beneficiaries.&nbsp; If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a <a href="http://www.theestateplanninggroup.com/get-started-today/">Family Life and Legacy Planning Session</a>.™ We can review your existing plan and help you make adjustments, while achieving your&nbsp;personal&nbsp;goals.<br /><br />This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life &amp; Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-41707713587177230422017-11-06T11:00:00.000-08:002017-11-06T11:00:03.503-08:0010 Costly Misconceptions about Wills, Trusts, & Powers of Attorney<!-- x-tinymce/html --><strong>Misconception #1: A Power of Attorney can be used after death.</strong> No. Upon a person's passing, Powers of Attorney lose any and all authority possessed during a person's life. Whether a Power of Attorney for Health Care or a Power of Attorney for Finances, both documents, expires upon death. Neither document allows for anything to be done after death. Such decisions remain strictly in the hands of the Personal Representative under a Will or a Trustee under a Trust.<br /><br /><strong>&nbsp;</strong><strong>Misconception #2: A Will avoids probate.&nbsp;&nbsp;</strong>No.&nbsp; A Will is the primary tool of the probate system. Your Will is like a letter to the Court telling the Court how you want your property distributed.&nbsp; The Court gets to interpret your Will. After your death your representative must prove to the Court that all your property is collected and appraised, and all your bills and taxes are paid, before your property can be distributed to your heirs.<br /><br /><strong>Misconception #3: Your Will and your assets remain private.</strong>&nbsp; No.&nbsp; Because probate is a public legal proceeding, everything that occurs with your estate will become public record.&nbsp; This means that anyone – including nosy neighbors and salespeople – can go to Court to find out the balance in your accounts, the value of your stocks and other assets, and who you left your property to.<br /><br /><strong>Misconception #4: Estranged family members do not need to be notified of a probate if the Will excludes them from an inheritance.&nbsp;&nbsp;</strong>No.&nbsp; All heirs must be notified of the probate even if they are excluded from the Will.&nbsp;&nbsp; It is safer to handle an estate with potentially disgruntled heirs through a Living Trust.<br /><br /><strong>Misconception #5: A Testamentary Trust avoids probate.&nbsp;&nbsp;</strong>No.&nbsp; A Testamentary Trust is a Trust created at your death by direction of your Will for a specific purpose. Your Will and estate still must go through the probate process.<br /><br /><strong>Misconception #6: Minimizing Estate Taxes should be a primary concern. </strong>Probably No. Currently, the exemption level is over $5,450,000 per person. This means prior to having to pay any estate taxes, you need to have assets over that exemption level. While there may be other taxes worth worrying about, namely income taxes on pre-tax retirement accounts, estate taxes often are not of paramount importance.<br /><br /><strong>Misconception #7: Revocable Living Trusts are only for large estates.&nbsp;&nbsp;</strong>No.&nbsp; Revocable Living Trusts are for anyone who wants to avoid costly conservatorship and probate proceedings.&nbsp; Those with small estates, and especially their heirs, can benefit from a Revocable Living Trust.<br /><br /><strong>Misconception #8: A Revocable Living Trust must have a separate tax return.&nbsp;&nbsp;</strong>No.&nbsp; If you are a trustee or co-trustee of your Revocable Living Trust, it does not need a tax return of its own.&nbsp; Your personal tax return is sufficient for the IRS.<br /><br /><strong>Misconception #9: There are no costs associated with administering a Trust at the death of the original settlor of the Trust.</strong>&nbsp; Not always true.&nbsp; Depending on what assistance and professional help a Trustee relies on, administering a Trust, distributing the assets, and terminating the Trust can result in fees and costs.&nbsp; Many trustees hire attorneys and accountants, but these costs are substantially less than the costs of probate.&nbsp; Typically, these costs are paid by the Trust.<br /><br /><strong>Misconception #10: You have to amend a Revocable Living Trust when you buy or sell your assets.&nbsp;&nbsp;</strong>No.&nbsp; Your Trust does not have to be changed when you buy or sell assets.&nbsp; When you buy a new asset, such as real property, a car, or open a new bank account, you simply take title as trustee of your Trust.&nbsp; If you sell an asset, you sell it as trustee of your Trust.<br /><br />If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a <a href="http://www.theestateplanninggroup.com/get-started-today/">Family Life and Legacy Planning Session</a>.™ We can review your existing plan and help you make adjustments that will help you achieve your goals.<br /><br />This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life &amp; Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-22449820161910930082017-10-10T08:25:00.000-07:002017-10-10T09:09:40.558-07:009 Mistakes that Tear Families Apart<!-- x-tinymce/html --><strong>Mistake #1: Relying on the Law.&nbsp;&nbsp;</strong>If you do not set up an estate plan, upon your death your property will be distributed according to the laws of your last state of residence.&nbsp; Often, the law will require the probate judge to give your property to someone other than the people you would have chosen.<br /><br /><strong>Mistake #2: Relying on a Will.&nbsp;&nbsp;</strong>If your estate plan consists only of a Will, your heirs may face many costly problems such as probate and conservatorship proceedings.&nbsp; A Will is the most common estate planning tool, but it is usually not the best tool to use.<br /><br /><strong>Mistake #3: Relying on Community Property laws.&nbsp;&nbsp;</strong>Relying on the Community Property laws is a position many clients take.&nbsp; However, your property will still have to go through probate on the death of the spouse.&nbsp; Also, Community Property ownership requires a conservatorship if a spouse is incapacitated and the home needs a mortgage, home equity line, or to be sold.&nbsp; Relying on the Community Property laws is not a good estate plan.<br /><br /><strong>Mistake #4: Relying on Guardianships.&nbsp;&nbsp;</strong>These Court supervised proceedings for addressing your physical or mental incapacity are costly, time-consuming and horribly burdensome.&nbsp; Your properly set up Revocable Living Trust, as well as Powers of Attorney, Durable Powers of Attorney for Health Care, and Physician’s Directives and Releases avoid this issue.<br /><br /><strong>Mistake #5: Relying on the small estate affidavit or informal administration procedure to avoid probate.&nbsp;&nbsp;</strong>Most people assume they have fewer assets than they actually have.&nbsp; In Wisconsin the small estate exemption that avoids probate is permitted only for estates consisting of less than $50,000.<br /><br /><strong>Mistake #6: Relying on a gifting program as your way of avoiding probate.&nbsp;</strong>The law allows you to give away your property at a rate of $14,000 per person per year.&nbsp; A married couple can give $28,000 per year to anyone they choose without gift tax consequences.&nbsp; While this is an effective way to reduce the size of your estate, trying to spend your last dime on your last day is difficult to put odds on, plus you lose control of the assets you have given away, and beneficiaries get total control over everything that has been given to them.<br /><br /><strong>Mistake #7: Relying on the Courts to take care of your child’s finances.&nbsp;&nbsp;</strong>If you die intestate (with no Will) or with only a Will, and your property passes to your minor child, the Court will put your child’s money into a Court-supervised guardianship requiring at least annual accountings to the Court.&nbsp; Naturally, this may require hiring CPAs to prepare accountings, and lawyers to file those accountings with the Court, plus filing fees, all of which comes out of the inheritance.&nbsp;&nbsp; It also means that the Court determines the person who will serve as guardian of the property, who may not be the person you would have chosen.<br /><br /><strong>Mistake #8: Relying on a form kit for your Will or Living Trust.&nbsp;&nbsp;</strong>One size does not fit all because no two people or families are alike.&nbsp; From your family’s needs and dynamics to its personalities and values, can you imagine any form kit ever being suitable for any family?&nbsp; If you use a form kit, you’re asking for problems.&nbsp; If your will is not properly executed, it will not be valid.&nbsp; The only estate plan you can rely on is one that is custom prepared by a qualified estate planning and asset protection lawyer.<br /><br /><strong>Mistake #9: Relying on the wrong attorney.&nbsp;&nbsp;</strong>Most attorneys know very little about estate planning.&nbsp; What’s more, even some estate planning attorneys don’t put much time or energy into comprehensive protections for your family’s unique circumstances.&nbsp; That’s why I urge you to choose an estate planning attorney who has the primary focus, mission and purpose to help you achieve your family’s estate planning and asset protection goals:&nbsp; protecting, preserving and passing on more of what you’ve worked for.<br /><br />If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a <a href="http://www.theestateplanninggroup.com/get-started-today/">Family Life and Legacy Planning Session</a>.™ We can review your existing plan and help you make adjustments that will help you achieve your goals.<br /><br />This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life &amp; Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-50849876913268984062017-09-22T15:10:00.000-07:002017-09-22T15:10:39.974-07:00What happens to my Facebook profile after death?<!-- x-tinymce/html -->Facebook! With users easily surpassing 1,000,000,000, Facebook is arguably the most common social media platform. However, what happens to your Facebook page when you pass away? Who has access to your profile upon your death? Can you have your account deleted upon your passing?<br /><br />Each person has their own Facebook page, right? The whole point of Facebook is you can make that page your own and post, share, like, whatever you want. However, when "you" are no longer available to take care of your page, what happens to it? Surprising to many, access to one's Facebook profile can become highly restricted after a person passes away, even if that person is a mother trying to access her deceased daughter's account. <a href="http://thehill.com/policy/technology/335759-german-court-rejects-mothers-request-to-access-deceased-daughters-facebook">http://thehill.com/policy/technology/335759-german-court-rejects-mothers-request-to-access-deceased-daughters-facebook</a><br /><br />As the desire for greater access to decedents' accounts grow, Facebook has come up with several different options for accessing a decedent's page.<br /><br />One of the most common means is the legacy contact. Each person can designate one of their Facebook "friends" to serve as their "legacy contact" after they pass away. This individual has the authority to write posts on their wall, post articles (e.g. an obituary), and even shut down their Facebook page. This process can work great if you have a desire to notify distant relatives/friends of your passing when most of your communication is through social media. As social media becomes the norm for notification about such events, the legacy contact option is becoming more and more popular. <a href="https://www.usatoday.com/story/tech/2015/02/12/facebook-policy-change-allows-one-final-post-after-death/23184757/">https://www.usatoday.com/story/tech/2015/02/12/facebook-policy-change-allows-one-final-post-after-death/23184757/</a><br /><br />Another option is to have Facebook simply delete your profile upon your passing. This option is great for the individual who simply wishes their online persona to die with them. No exposure of past messages or lingering digital presence. Instead, your Facebook profile is simply deleted after Facebook is notified of your passing.<br /><br />A final option utilized by some, but certainly not condoned by Facebook, involves sharing your username and password with a trusted person and informing them to login as you after your passing and shut down your profile. While this may be the simplest option, sharing username and passwords is a risky proposition, indeed!<br /><br />While Facebook is just one electronic provider, there is no denying that online accounts are becoming more pervasive. And while Facebook is just one example, with online banking, automatic billing, etc. all becoming much more commonplace, knowing how your online accounts will be addressed are a top priority to ensure an easy and smooth process for the loved ones you leave behind!<br /><br />If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a <a href="http://www.theestateplanninggroup.com/get-started-today/">Family Life and Legacy Planning Session</a>.™ We can review your existing plan and help you make adjustments that will help you achieve your goals.<br /><br />This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life &amp; Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-7643065397809573932017-08-03T14:40:00.000-07:002017-08-03T14:40:44.483-07:00How can I preserve my assets for my kids and loved ones?<!-- x-tinymce/html --><span style="color: black;">With tax time well behind us, you may be thinking you did well by minimizing what you paid to Uncle Sam and your state in taxes, so more can go to your family.&nbsp; Every year around tax-time, we’re reminded of how complicated maximizing your money and minimizing tax liabilities can be - and for many people, this seems to be the singular focus for how to preserve assets for loved ones.</span><br /><span style="color: black;"></span><br /><span style="color: black;">Unfortunately, we don’t get much in the way of real information about really preserving our assets through estate planning.&nbsp; And, regrettably, many of us simply don't think about it, or maybe think we don't have enough to make a difference.</span><br /><br /><span style="color: black;">Simply put, this is Penny Wise and Pound Foolish - Your family will likely lose more in the costs of estate administration than you can ever overcome with annual tax tricks.&nbsp;</span><br /><br /><span style="color: black;">Truth is, if you have people you love and any assets at all in your name, you do have an estate and it is worth preserving for the people you love. In some cases, that may mean keeping them out of court and out of conflict, if anything happens to you. (Did you know that the biggest family fights happen over the smallest <span class="__postbox-detected-content __postbox-detected-date">sums</span> of money or even the personal effects of a person who has passed on? Let’s keep that from happening to your family!)&nbsp;&nbsp;</span><br /><br /><span style="color: black;">If you’re concerned about maximizing the amount your heirs receive and minimizing the amount received by governments, there are several steps you can take.</span><br /><br /><span style="color: black;">First and foremost, keep your family out of Court. It’s unnecessary, extremely expensive and almost always public. Consider using a Trust to make it easy to handle your assets if you become incapacitated or when you pass on.&nbsp;</span><br /><br /><span style="color: black;">Second, ensure legal documents are in place for trusted family or loved ones to take care of financial, legal and health care issues in the event of any incapacity. &nbsp;An incapacity without simple legal planning in place can be devastating to a family, both financially and emotionally.&nbsp;</span><br /><br /><span style="color: black;">Third, while most Americans need not worry about the Federal estate and gift tax ($5.49 million in 2017), if you have an estate near or above that level ($10.9 million for married couples) you need to implement tax minimization strategies to avoid the extreme estate tax hit your heirs will experience. Some will need to think about State taxes, as well, if you live in one of the 20 states that impose them. (Wisconsin does not.)&nbsp;</span><br /><br /><span style="color: black;">If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a <a href="http://www.theestateplanninggroup.com/get-started-today/" style="color: black;">Family Life and Legacy Planning Session</a>.™ We can review your existing plan and help you make adjustments that will help you achieve your goals.&nbsp;</span><br /><span style="color: black;"></span><br /><span style="color: black;">This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life &amp; Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.</span>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-90120545643583528212017-06-20T07:00:00.000-07:002017-06-20T07:00:26.165-07:0010 Estate Planning Questions to Ask Yourself <br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0in 8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">We are all busy, right? We have things to do, places to visit, and people to see. So, it is understandable why people do not often think about what would happen in&nbsp;an emergency, where something happens and you can no longer do things you want, visit the places you plan, and see the people you want.</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0in 8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">While a proper estate plan cannot avoid these issues, it can leave you better equipped to address these situations when they arise.</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0in 8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Here are 10 estate planning questions to get you started. How many of these questions can you answer, "Yes" to?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">1.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Have you appointed a trusted financial decision-maker for financial decisions during your life?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">2.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Have you appointed someone who knows your health care wishes if you cannot communicate them?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">3.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Have you shared your health care desires with your health care decision-maker?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">4.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Do your beneficiary designated-assets, reflect your current wishes?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">5.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Would someone know how to access your online accounts if they need to access them?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">6.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">If you wish to avoid the probate process, does your current plan accomplish this?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">7.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Have I planned for a potential stay in a nursing home?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">8.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Have you shared your wishes with your family, so your desires will be followed upon your death?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">9.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Will your medical records be accessible to your family if they need to view them?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0.5in 8pt 0.75in; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3; text-indent: -0.25in;"><!--[if !supportLists]--><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">10.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;"> </span></span></span><!--[endif]--><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Does your current plan reflect your current wishes?</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0in 8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Proper consideration of these factors now can avoid needless time, effort, and headaches, for your loved ones. </span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div><br /><div class="MsoNormal" style="line-height: 12pt; margin: 0in 0in 8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><span lang="EN" style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-size: 16.5pt; mso-fareast-font-family: &quot;Times New Roman&quot;;">Take the first step now and talk with an <a href="http://www.theestateplanninggroup.com/">estate planning attorney</a> today about putting in place a plan, so you can answer "Yes" to all ten questions!</span><span lang="EN" style="color: #333333; font-family: &quot;Arial&quot;,sans-serif; font-size: 16.5pt; mso-ansi-language: EN; mso-fareast-font-family: &quot;Times New Roman&quot;;"><o:p></o:p></span></div>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-32431099237398605972017-05-08T07:03:00.000-07:002017-05-08T07:03:29.277-07:00How can I preserve my assets for my kids and loved ones?<span data-mce-style="color: #000000;" style="color: black;">With tax time just behind us, you may be thinking you did well by minimizing what you paid to Uncle Sam and your state in taxes, so more can go to your family.&nbsp; Every year around tax-time, we’re reminded of how complicated maximizing your money and minimizing tax liabilities can be - and for many people, this seems to be the singular focus for how to preserve assets for loved ones.</span><br /><span data-mce-style="color: #000000;" style="color: black;"></span><br /><span data-mce-style="color: #000000;" style="color: black;">Unfortunately, we don’t get much in the way of real information about really preserving our assets through estate planning.&nbsp; And, regrettably, many of us simply don't think about it, or maybe think we don't have enough to make a difference.</span><br /><span data-mce-style="color: #000000;" style="color: black;"></span><br /><span data-mce-style="color: #000000;" style="color: black;">Simply put, this is Penny Wise and Pound Foolish - Your family will likely lose more in the costs of estate administration than you can ever overcome with annual tax tricks.&nbsp;</span><br /><span data-mce-style="color: #000000;" style="color: black;"></span><br /><span data-mce-style="color: #000000;" style="color: black;">Truth is, if you have people you love and any assets at all in your name, you do have an estate and it is worth preserving for the people you love. In some cases, that may mean keeping them out of court and out of conflict, if anything happens to you. (Did you know that the biggest family fights happen over the smallest <span class="__postbox-detected-content __postbox-detected-date">sums</span> of money or even the personal effects of a person who has passed on? Let’s keep that from happening to your family!)&nbsp;&nbsp;</span><br /><br /><span data-mce-style="color: #000000;" style="color: black;">If you’re concerned about maximizing the amount your heirs receive and minimizing the amount received by governments, there are several steps you can take.</span><br /><br /><span data-mce-style="color: #000000;" style="color: black;">First and foremost, keep your family out of Court. It’s unnecessary, extremely expensive and almost always public. Consider using a Trust to make it easy to handle your assets if you become incapacitated or when you pass on.&nbsp;</span><br /><br /><span data-mce-style="color: #000000;" style="color: black;">Second, ensure legal documents are in place for trusted family or loved ones to take care of financial, legal and health care issues in the event of any incapacity. &nbsp;An incapacity without simple legal planning in place can be devastating to a family, both financially and emotionally.&nbsp;</span><br /><span data-mce-style="color: #000000;" style="color: black;"></span><br /><span data-mce-style="color: #000000;" style="color: black;">Third, while most Americans need not worry about the Federal estate and gift tax ($5.49 million in 2017), if you have an estate near or above that level ($10.9 million for married couples) you need to implement tax minimization strategies to avoid the extreme estate tax hit your heirs will experience. Some will need to think about State taxes, as well, if you live in one of the 20 states that impose them. (Wisconsin does not.)&nbsp;</span><br /><span data-mce-style="color: #000000;" style="color: black;"></span><br /><span data-mce-style="color: #000000;" style="color: black;">If you’d like to ensure that you maximize the resources available to your loved ones and keep your family out of Court and out of conflict, schedule a <a data-mce-href="http://www.theestateplanninggroup.com/get-started-today/" data-mce-style="color: #000000;" href="http://www.theestateplanninggroup.com/get-started-today/" style="color: black;"><span style="color: blue;">Family Life and Legacy Planning Session</span></a>.™ We can review your existing plan and help you make adjustments that will help you achieve your goals.&nbsp;</span><br /><span data-mce-style="color: #000000;" style="color: black;"></span><br /><span data-mce-style="color: #000000;" style="color: black;">This article is a service of The Estate Planning Group and Davidson Law Office, LLP, your Life &amp; Legacy Planning Lawyers, who believe in developing trusting relationships with families for life. We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.</span>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-25571804012572624412017-04-25T07:27:00.000-07:002017-04-25T07:27:26.971-07:005 Common Misconceptions about Estate Planning<h3><span data-mce-style="color: #000000;" style="color: black;">Whenever you work long enough in a selected profession, you often find that there are common questions that arise and many times common misconceptions as well. Estate planning is no different. Here are five of the common misconceptions about this area of law:</span></h3><h3><span data-mce-style="color: #000000;" style="color: black;"></span>&nbsp;</h3><ol><li><h3><span data-mce-style="color: #000000;" style="color: black;"></span><span data-mce-style="color: #000000;" style="color: black;"><em>"If I have a will, I will avoid the probate process, right?"</em> Wrong! A Last Will and Testament will not help you avoid the probate process. A Last Will and Testament only informs the Probate Court how you wish to have your assets distributed upon your death.</span></h3></li><li><h3><span data-mce-style="color: #000000;" style="color: black;"><em>"I can handle a decedent's Estate because I am the Power of Attorney."</em> False. A Power of Attorney is a document that applies only during a person's lifetime. As soon as that person passes away, your authority ceases to exist. If you continue taking actions after a person passes away, you could become legally liable for actions taken.</span>&nbsp;</h3></li><li><h3><span data-mce-style="color: #000000;" style="color: black;"><em>"I heard a revocable trust protects my assets from the nursing home. Is that true?"</em> Unfortunately, no. A revocable trust will not give you protection from the costs of nursing home care. A slightly different trust, called an irrevocable trust, can offer such protections, but it comes with a number of factors worth considering to see if such a tool is right for you. There are certainly other reasons to consider a revocable trust, but nursing home care protection is not one of them.</span></h3></li><li><h3><span data-mce-style="color: #000000;" style="color: black;"></span><span data-mce-style="color: #000000;" style="color: black;"><em>"Should I be worried about estate taxes?"</em> While there may be taxes due at your passing, the estate tax (also called the death tax) is unlikely to be one of them. Under the 2017 Estate Tax rules, each individual can pass up to $5,490,000.00 at their death without having to pay any estate taxes. This high exemption level means that a very small percentage of the population will have to pay estate taxes.</span></h3></li><li><h3><span data-mce-style="color: #000000;" style="color: black;"></span><span data-mce-style="color: #000000;" style="color: black;"><em>"I do not need to have a trust because I am not wealthy."</em> Wealth oftentimes has little to do with whether you would like a trust or not. More important, is evaluating whether the efficiencies of avoiding the probate process and avoiding potential conflict and time for your heirs, justifies the creation of a trust.</span></h3></li></ol><h3><span data-mce-style="color: #000000;" style="color: black;"></span>&nbsp;</h3><h3><span data-mce-style="color: #000000;" style="color: black;">Unfortunately, these misconceptions have been repeated and shared so often that they are now viewed as true. To get started on your own estate plan, <a data-mce-href="http://www.theestateplanninggroup.com/contact-us/" data-mce-style="color: #000000;" href="http://www.theestateplanninggroup.com/contact-us/" style="color: black;" target="_blank">contact our office&nbsp;today</a>!&nbsp; We offer an initial complimentary <a data-mce-href="http://www.theestateplanninggroup.com/get-started-today/" data-mce-style="color: #000000;" href="http://www.theestateplanninggroup.com/get-started-today/" style="color: black;" target="_blank">Life &amp; Legacy Planning Session</a>, where your goals and objectives determine what plan is right for you.</span></h3>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-41008223977779300042017-04-12T06:30:00.000-07:002017-04-12T06:30:42.395-07:00How much does a will cost? How much does a trust cost?<h4><span data-mce-style="color: #000000;" style="color: black;">By far, one, if not the, most common question asked, is "How much does this cost?" Rightly so, attorneys carry the dubious distinction of being attentive to the time (see this <a data-mce-href="https://dealbook.nytimes.com/2013/03/25/suit-offers-a-peek-at-the-practice-of-padding-a-legal-bill/?_r=4" data-mce-style="color: #000000;" href="https://dealbook.nytimes.com/2013/03/25/suit-offers-a-peek-at-the-practice-of-padding-a-legal-bill/?_r=4" style="color: black;">article</a> for an example), oftentimes, going as far to bill in 6 minute increments (or in 1/10 of an hour allotments). So, how much can you expect to pay for a will, a trust, or powers of attorney documents for your family?</span></h4><h4><span data-mce-style="color: #000000;" style="color: black;"></span>&nbsp;</h4><h4><span data-mce-style="color: #000000;" style="color: black;">While each attorney varies how they bill for legal work, there are three general approaches:</span></h4><br /><h4 data-mce-style="padding-left: 60px;" style="padding-left: 60px;"><span data-mce-style="color: #000000;" style="color: black;"><strong>Hourly Billing.</strong> Just as it sounds, you are billed for the amount of time an attorney works on your particular legal matter. At the end of the day, the legal bill will depend on how long and complex the legal matter is and the time the attorney spent on the legal issue(s).</span></h4><div data-mce-style="padding-left: 60px;" style="padding-left: 60px;">&nbsp;</div><h4 data-mce-style="padding-left: 60px;" style="padding-left: 60px;"><span data-mce-style="color: #000000;" style="color: black;"><strong>Contingency Billing.</strong> Here, the billing amount is based on the total amount recovered from the other party. For example, if you agree to a 15% contingency fee arrangement, and the total recovery is $10,000, the attorney would be entitled to receive $1,500. This type of billing approach is often utilized in personal injury cases and how attorneys (oftentimes the ones you see in commercials) can claim that you will not owe them anything in legal fees unless you win your case.</span></h4><div data-mce-style="padding-left: 60px;" style="padding-left: 60px;">&nbsp;</div><h4 data-mce-style="padding-left: 60px;" style="padding-left: 60px;"><span data-mce-style="color: #000000;" style="color: black;"><strong>Flat-fee Billing.</strong> Flat-fee billing is often used when the legal work is for a particular legal transaction and not necessarily for an unpredictable, personal injury-type situation. This type of approach can have the added benefit of being more transparent on the front end, as you will know the total cost for the particular matter, without incurring additional and unexpected costs.</span></h4><div data-mce-style="padding-left: 60px;" style="padding-left: 60px;">&nbsp;</div><h4><span data-mce-style="color: #000000;" style="color: black;">At The Estate Planning Group, we do things a little differently – we prefer to develop trusting relationships with families for life, so we can ensure you and your family are protected no matter what happens, and we let you decide on the appropriate plan and costs.&nbsp; All our estate planning services are billed on a flat fee basis, so you know the total costs before you make a decision.</span></h4><br /><h4><span data-mce-style="color: #000000;" style="color: black;">The best way to determine exactly what planning will best suit you and your family’s needs and concerns is to meet with one of our attorneys for a Life &amp; Legacy Planning Session, where we can help answer all of your questions, address your concerns, and meet your goals.</span></h4><br /><h4><span data-mce-style="color: #000000;" style="color: black;">At your initial complimentary <a data-mce-href="http://www.theestateplanninggroup.com/get-started-today/" data-mce-style="color: #000000;" href="http://www.theestateplanninggroup.com/get-started-today/" style="color: black;">Life &amp; Legacy Planning Sessions</a>, we walk you through what would happen if something were to happen to you, how your family would handle things, and design a plan to make it easier for the people you love. By knowing what would happen, you can identify those things you want to address in your planning.</span></h4><h4><span data-mce-style="color: #000000;" style="color: black;"></span>&nbsp;</h4><h4><span data-mce-style="color: #000000;" style="color: black;">You, then get to choose the right planning tools from a point of understanding, not just have a lawyer whose motives may not be the same as yours tell you that you need this or that plan.&nbsp; We can then assist in designing the plan that will take care of your family.&nbsp; To get started, <a data-mce-href="http://www.theestateplanninggroup.com/contact-us/" data-mce-style="color: #000000;" href="http://www.theestateplanninggroup.com/contact-us/" style="color: black;">contact us</a>&nbsp;today!</span></h4>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-90359519897288547222017-03-29T12:30:00.000-07:002017-03-29T12:30:13.599-07:00I was nominated as a Personal Representative in a Will, now what do I do?<h3>A loved one has just passed away and someone tells you the decedent nominated you as the Personal Representative of their Estate in their Last Will and Testament. What does this job entail? What authority do you have? What should be your first steps?</h3><br /><h3>In a nutshell, the role of a Personal Representative (also sometimes called an "Executor") is to oversee the gathering of a decedent’s probate assets, pay all necessary creditors, and make distributions in line with the terms of the Last Will and Testament. The Personal Representative is the "manager," overseeing the entire probate process.</h3><br /><h3>A Last Will and Testament should list a particular person(s) to act as Personal Representative. If a will was never executed and no other estate planning documents were completed, an interested person, usually a close friend or family member, petitions the Probate Court to be appointed.</h3><br /><h3>In either case, the Probate Court determines whether to approve the individual, and if a bond will be required to be paid by the nominated Personal Representative as collateral against the value of the probate assets.</h3><br /><h3>If approved by the Probate Court, Domiciliary Letters will be issued to the Personal Representative. Domiciliary Letters serve as formal proof that the Personal Representative has the legal authority to act. Often banks, credit unions, and other financial institutions require this Letter prior to releasing any information.</h3><br /><h3>Throughout the process of administering an Estate, the Personal Representative will also want to keep a close eye on the deadlines mandated by the Probate Court. Deadlines often include: filing a required Notice to Creditors, filing an Inventory of the decedent's probate assets, and filing a final Estate Account listing all the expenses and payouts to beneficiaries. Sample blank forms can be found on the Wisconsin Court System website: <a data-mce-href="https://wicourts.gov/forms1/circuit/index.htm" href="https://wicourts.gov/forms1/circuit/index.htm">https://wicourts.gov/forms1/circuit/index.htm</a></h3><br /><h3>The Personal Representative is also responsible for paying any outstanding bills, selling any estate assets, submitting final tax returns, and more. There are often specific time deadlines complicating each step of the process of administering an Estate.</h3><br /><h3>It is not uncommon, given the steps involved, to have a probate proceeding open anywhere from 9-15 months, or longer.</h3><br /><h3>If you have questions or concerns about the probate process or your job as Personal Representative, please click <a data-mce-href="http://www.theestateplanninggroup.com/contact-us/" href="http://www.theestateplanninggroup.com/contact-us/">here</a>. We are more than happy to guide you through the probate administration and what to expect as a personal representative.</h3>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-44730191780203595362017-03-17T14:58:00.000-07:002017-03-17T14:58:45.167-07:00Do I need a Will or a Trust?<h3>What is a will? What is a trust? How does one differ from the other? Which one do I need? Rightly so, there is a fair amount of confusion concerning wills and trusts. While there is no standard one-size-fits-all approach, understanding each document can help determine the best fit for your family.</h3><br /><h3>A will is designed to instruct the probate court of your wishes on how you want your assets distributed. You can name individuals, charities, or any legal entity to receive an amount or percentage of your assets. From a cost perspective, a will is relatively inexpensive to set up on the front-end.</h3><br /><h3>One drawback of a will is that it must go through probate, prior to any distribution of assets to beneficiaries. Probate involves extra costs, delays and formalities required by the court. The process typically costs several thousands of dollars and takes months or years.</h3><br /><h3>So, how does a trust differ? A trust avoids court intervention and allows your assets to be distributed outside of the probate court. This allows for direct distribution of assets, no court formalities and limited or no attorney fees. A trust, however, is often more costly to prepare than a simple will.</h3><br /><h3>A trust can also offer unique protections for beneficiaries that a will cannot. A trust can specify when, how much and for what purpose a beneficiary can receive assets. For example, a trust may designate that a beneficiary can receive 1/3 of their share at age 25, 1/3 at age 30, and the remainder at 35. Under a simple will, a beneficiary will receive their entire share outright unless they are a minor. This is just one of many unique legal protections trusts offer.</h3><br /><h3>As with any choice there are positives and negatives to consider. A will is not for everyone. A trust is not for everyone. Discuss your goals, your specific family situation, and your concerns with your attorney. Only after weighing these factors can you achieve the best choice for you and your family.</h3><br /><h3>To find out what&nbsp;whether a will or a trust&nbsp;is right for you, considering signing up&nbsp;for a complimentary Life &amp; Legacy Planning Session with one of our attorneys.&nbsp; We will walk through your goals and objectives to find out what is right for you!&nbsp; Click <a data-mce-href="http://www.theestateplanninggroup.com/contact-us/" href="http://www.theestateplanninggroup.com/contact-us/">here</a> to sign up for this complimentary appointment today!</h3>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-5525548370159749272017-02-21T21:00:00.000-08:002017-02-21T21:00:06.073-08:00Will your loved ones know what to do when you are gone?<h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">If you have named children, family, or friends as a successor trustee of your family trust, they likely do not know what the job entails.<span style="mso-spacerun: yes;">&nbsp; </span>Our office encourages talking with successor Trustees now to eliminate some of the unknowns about what it means to serve in this role.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">In a standard revocable family trust, a husband and wife are listed as co-trustees during their lifetime.<span style="mso-spacerun: yes;">&nbsp; </span>Only when both spouses pass away, does a successor trustee step in to administer the family trust.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">In a nutshell, a successor trustee's job is to secure all of a decedent's assets and distribute those assets according to the terms of the trust.<span style="mso-spacerun: yes;">&nbsp; </span>The trustee can be thought of as a "manager," who keeps an accurate account of all amounts received and any expenses paid out.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">The first job of a successor trustee is to gather information about all of the assets the individual(s) owned prior to passing away.<span style="mso-spacerun: yes;">&nbsp; </span>The length and work required depends on the particular assets and how well records were kept.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">To complete this job, the successor trustee will need to have a Certification or Affidavit of Trust proving that the Trust is in existence and a certified Death Certificate.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">Once trust assets have been discovered, such assets will likely need to be sold or liquidated.<span style="mso-spacerun: yes;">&nbsp; </span>All proceeds should be deposited into a checking account in the name of the Family Trust.<span style="mso-spacerun: yes;">&nbsp; </span>Trust assets that cannot be sold right away should be maintained and updated.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">The successor trustee should keep a running inventory of the assets coming in and any expenses paid out.<span style="mso-spacerun: yes;">&nbsp; </span>Taxes will still need to be filed, and known creditors may need to be paid.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">Once all creditors and taxes have been paid and assets are liquidated, distributions according to the trust terms can begin.<span style="mso-spacerun: yes;">&nbsp; </span>The trustees should have the beneficiaries sign a form acknowledging receipt of their inheritance and releasing the trustee from any liability.<o:p></o:p></h3><h3> </h3><h3 class="MsoNormal" style="margin: 0in 0in 10pt;">For more details on the role of successor Trustees, come to one of our future seminars.<span style="mso-spacerun: yes;">&nbsp; </span>We will be discussing these roles and more!!!<span style="mso-spacerun: yes;">&nbsp; </span>Take a look at our upcoming events by clicking the below link:<span style="mso-spacerun: yes;">&nbsp; </span><a href="http://www.theestateplanninggroup.com/upcoming-events/">http://www.theestateplanninggroup.com/upcoming-events/</a></h3>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-77142056376283395892017-02-01T15:19:00.000-08:002017-02-01T15:19:21.643-08:00Why are Powers of Attorney so Important?<h4> We often receive phone calls inquiring about updating their will or trust.<span style="mso-spacerun: yes;">&nbsp; </span>While undoubtedly important, these documents generally only address one event, namely what happens to your assets when you pass away.<o:p></o:p></h4><br /><h4>Equally important, but often overlooked, is protecting yourself and your family from financial and health care emergencies during your lifetime.<span style="mso-spacerun: yes;">&nbsp; </span>Properly drafted, Powers of Attorney can safeguard you from emergencies that may strike when you least expect it.</h4><h4><o:p></o:p>&nbsp;</h4><h4>Everyone over 18 should complete both a Health Care and Financial Power of Attorney (P.O.A.).<span style="mso-spacerun: yes;">&nbsp; </span>While surprising to most people, the Wisconsin Statutes do not make a parent, a spouse, a relative or family member the default decision maker for anyone over 18.<span style="mso-spacerun: yes;">&nbsp; </span>The only alternative is oftentimes a costly and stressful legal proceeding involving the courts.</h4><br /><h4>Each Power of Attorney document, in effect, nominates another person (your "agent") to legally make decisions for you.</h4><h4><o:p></o:p>&nbsp;</h4><h4>A Health Care Power of Attorney allows you to designate an agent to discuss your condition with your doctor and make medical decisions according to your wishes when you are unable to communicate those desires.<o:p></o:p></h4><br /><h4>A Financial Power of Attorney names an agent who can make financial and other non-medical decisions.<span style="mso-spacerun: yes;">&nbsp; </span>An agent’s authority can be immediate at the time of signing the document or it can take effect only in the event of "incapacity"–that is, when you are unable to act for yourself.<o:p></o:p></h4><br /><h4>Undoubtedly, the role of agent is an important responsibility that should not be lightly considered.<span style="mso-spacerun: yes;">&nbsp; </span>So, who should you choose as your agent?</h4><br /><h4>Naming an individual who shares your same values and beliefs can help ensure your wishes are followed.<span style="mso-spacerun: yes;">&nbsp; </span>We also suggest discussing with your agent any specific health or financial priorities and wishes you may have.<span style="mso-spacerun: yes;">&nbsp; </span>This conversation helps to avoid future questions about your goals and objectives when your agent is called upon to act.</h4><br /><h4 class="MsoNormal" style="margin: 0in 0in 10pt;">Both a Health Care P.O.A. and a Financial P.O.A. can eliminate future conflict by laying out your wishes and designating someone to make decisions when you cannot.<span style="mso-spacerun: yes;">&nbsp; </span>These should be a key part of your estate plan.</h4>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-74701805385836555912017-01-16T15:49:00.000-08:002017-01-16T15:49:00.889-08:00Make 2017 the Year You Complete Your Estate Plan!<div style="text-align: justify;"><span style="font-size: large;"> The start of the New Year almost always brings with it new goals and resolutions.<span style="mso-spacerun: yes;">&nbsp; </span>So, what is the best way to meet these goals head-on and successfully complete them?<span style="mso-spacerun: yes;">&nbsp; </span>Oftentimes, the key is in not taking one giant leap, but small steps, providing us the best possible chance to succeed!</span></div><div style="text-align: justify;"><span style="font-size: large;"><o:p></o:p></span>&nbsp;</div><div style="text-align: justify;"><span style="font-size: large;"> </span></div><div style="text-align: justify;"><span style="font-size: large;">With estate planning, adopt a similar approach.<span style="mso-spacerun: yes;">&nbsp; </span>Taking manageable steps can make all the difference between completing your estate plan and giving yourself and your family peace of mind, and putting it off for another year, potentially putting your loved ones at risk in the event something happens to you.<span style="mso-spacerun: yes;">&nbsp; </span>Here are just a few benefits of putting an estate plan in place:<o:p></o:p></span></div><div style="text-align: justify;">&nbsp;</div><div style="text-align: justify;"><span style="font-size: large;"> </span></div><div style="text-align: justify;"><span style="font-size: large;"><strong>Nominate an individual you trust to make health care decisions</strong>:<span style="mso-spacerun: yes;">&nbsp; </span>Nominating a trusted individual who knows your health care wishes can ensure your desires are followed.<span style="mso-spacerun: yes;">&nbsp; </span>Without planning ahead, your family is likely to have to go to Court before making health care decisions on your behalf, incurring additional money and time during an already stressful period.<o:p></o:p></span></div><div style="text-align: justify;">&nbsp;</div><div style="text-align: justify;"><span style="font-size: large;"> </span></div><div style="text-align: justify;"><span style="font-size: large;"><strong>Name someone to manage your financial affairs if you are unable to do so</strong>:<span style="mso-spacerun: yes;">&nbsp; </span>Executing a Financial Power of Attorney ensures your financial affairs continue seamlessly during your life and any legal decisions can be made on your behalf.<span style="mso-spacerun: yes;">&nbsp; </span>In the absence of a Financial Power of Attorney, no one can legally make these decisions for you, whether that person is a spouse, a child, or a close friend.<o:p></o:p></span></div><div style="text-align: justify;">&nbsp;</div><div style="text-align: justify;"><span style="font-size: large;"> </span></div><div style="text-align: justify;"><span style="font-size: large;"><strong>Provide for your children and loved ones from future potential creditors, predators, and unnecessary taxes</strong>:<span style="mso-spacerun: yes;">&nbsp; </span>Protecting your loved ones from others and sometimes themselves, can ensure your desires are followed.<span style="mso-spacerun: yes;">&nbsp; </span>A proper plan promotes family harmony upon your passing by making the process proceed smoothly without undue stress and delays.<o:p></o:p></span></div><div style="text-align: justify;">&nbsp;</div><div style="text-align: justify;"><span style="font-size: large;"> </span></div><div style="text-align: justify;"><span style="font-size: large;"><strong>Protect your assets, both during your lifetime and after</strong>: <span style="mso-spacerun: yes;">&nbsp;</span>Planning ahead can make all the difference in protecting your most cherished assets for yourself and your family members.<span style="mso-spacerun: yes;">&nbsp; </span>Advanced planning options to protect assets in the event of a need for advanced health care expenses may be warranted to protect your assets.<o:p></o:p></span></div><div style="text-align: justify;">&nbsp;</div><div style="text-align: justify;"><span style="font-size: large;"> </span></div><div style="text-align: justify;"><span style="font-size: large;">To take the first step toward giving yourself peace of mind and a lasting legacy come to our free educational seminar being held in the Village of Hilbert Community Room on Saturday, February 4th at 10:00 AM.<span style="mso-spacerun: yes;">&nbsp; </span>We will be providing an overview of how a properly drafted comprehensive estate plan can save your family time, money, and promote harmony among your beneficiaries.<span style="mso-spacerun: yes;">&nbsp; </span>Please call or e-mail our Client Services Director Sandie at </span><a href="mailto:sandie@epgwi.com"><span style="font-size: large;">sandie@epgwi.com</span></a><span style="font-size: large;"> to reserve your spot today!</span></div><div style="text-align: justify;">&nbsp;</div><div style="text-align: justify;">&nbsp;</div><div class="MsoNormal" style="margin: 0in 0in 8pt; text-align: justify;"><span style="font-size: large;">For more information about this seminar and our upcoming events, go to </span><a href="http://www.theestateplanninggroup.com/"><span style="font-size: large;">www.TheEstatePlanningGroup.com</span></a><span style="font-size: large;">&nbsp;today!</span></div>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-69957652232059866462017-01-10T06:30:00.000-08:002017-01-10T06:30:03.358-08:00Protecting Your Minor Children from the Unexpected <span style="font-family: Calibri;">Parents often cite a child’s birth as one of the happiest days of their life.<span style="mso-spacerun: yes;">&nbsp; </span>The child will bring many moments of happiness to your lives and undoubtedly a few trying moments, too.<span style="mso-spacerun: yes;">&nbsp; </span>However, as parents, you also need to consider who would care for your child if you no longer can.<span style="mso-spacerun: yes;">&nbsp; </span>Estate planning can offer some valuable assistance.<o:p></o:p></span><br /><br /> <span style="font-family: Calibri;">A simple will executed by each parent is a common method used to protect minor children.<span style="mso-spacerun: yes;">&nbsp; </span>A will is the only legal avenue (without court intervention) where parents can nominate a legal guardian for children under 18.<o:p></o:p></span><br /><br /> <span style="font-family: Calibri;">So, who should you nominate as a guardian? <span style="mso-spacerun: yes;">&nbsp;</span>Beyond recommending someone you trust and respect, here are some other factors to consider:<o:p></o:p></span><br /> <br /><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: Calibri;">Guardian’s Location—Will a guardian’s location require a change of schools for your children; will the location allow your children to remain close to existing friends and family?<o:p></o:p></span></div><br /><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: Calibri;">Guardian’s Values—Does the guardian share your core beliefs, a similar philosophy in raising children, religious views, etc.?<o:p></o:p></span></div><br /><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span style="font-family: Calibri;">Guardian’s Suitability—If a guardian has children of their own, could they care for your children too; does the child already have a good relationship with the prospective guardian?<o:p></o:p></span></div><span style="font-family: Calibri;">Once a guardian is chosen, the next question is how financial assets should be held to best benefit your children.<span style="mso-spacerun: yes;">&nbsp; </span>A testamentary trust, formed in a parent’s will, is a great tool to hold such assets.<o:p></o:p></span><br /> <span style="font-family: Calibri;"></span><br /><span style="font-family: Calibri;">This type of trust secures assets left for your children and can specify an age or ages for asset distribution.<span style="mso-spacerun: yes;">&nbsp; </span>Many parents distribute a percentage of a child’s share every few years, minimizing potential excessive spending of an inheritance at one time. <span style="mso-spacerun: yes;">&nbsp;</span>Without a testamentary trust, all assets are distributed when the child is no longer a minor.<span style="mso-spacerun: yes;">&nbsp; </span>To oversee this trust, you may nominate the above-named guardian, a financial institution, or an entirely different person/entity.<o:p></o:p></span><br /> <span style="font-family: Calibri;"></span><br /><span style="font-family: Calibri;">Protections for younger children are absolutely vital. Whether that means completion of a simple will or other estate planning options, this issue deserves consideration by you and your family.<o:p></o:p></span><br /> The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-3677381706477984832016-12-21T07:25:00.000-08:002016-12-21T07:25:17.326-08:00Timing is Everything in Legal Life Planning! <br /><div class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"><span style="font-family: Calibri;">With Christmas fast approaching and the New Year practically upon us, discussions of goals and resolutions for the upcoming year frequently come up.<span style="mso-spacerun: yes;">&nbsp; </span>Invariably, when legal life planning is discussed, many times a "We'll do that next year" approach is adopted.<o:p></o:p></span></div><span style="font-family: Calibri;">The legal life planning process, though, can only fully use all available tools if sufficient time exists.<span style="mso-spacerun: yes;">&nbsp; </span>Adequate preparation can mean the difference between having options and protecting your assets versus facing additional expenses and headaches down the road.<o:p></o:p></span><br /> <br /><div class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"><span style="font-family: Calibri;">One of the best ways to plan ahead is to formally nominate someone to make health care and financial decisions for you when you are unable to communicate those desires.<span style="mso-spacerun: yes;">&nbsp; </span>Failing to execute Health Care and Financial Power of Attorney documents can result in your loved ones being forced to go to court, spending time and oftentimes thousands of dollars, to gain such authority.<o:p></o:p></span></div><span style="font-family: Calibri;">Planning ahead about how best to pass your assets can also help ensure a smooth process for your chosen beneficiaries, while minimizing administrative costs.<span style="mso-spacerun: yes;">&nbsp; </span>Wills and other non-probate tools, like a payable-on-death (POD) designation or a life estate deed are often used, but other legal options, like a revocable trust, may deserve consideration too.<o:p></o:p></span><br /> <br /><div class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"><span style="font-family: Calibri;">When attempting to protect assets from a future need for a nursing home stay and qualify for the government program that pays for such care ("Medicaid"), planning ahead is especially critical.<o:p></o:p></span></div><span style="font-family: Calibri;">If you have gifted or sold any assets for less than fair market value within 5 years of trying to qualify, the Medicaid system requires the difference to be repaid before you qualify (the "5-year look back period").<span style="mso-spacerun: yes;">&nbsp; </span>Putting in place legal tools now to safeguard those assets before a need for nursing home care arises can avoid this issue.<o:p></o:p></span><br /> <br /><div class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;"><span style="font-family: Calibri;">Timing is everything in legal life planning!<span style="mso-spacerun: yes;">&nbsp; </span>Protections to put in place now to protect yourself and your loved ones will be discussed at our first seminar of the new year on Saturday, January 14<sup><span style="font-size: x-small;">th</span></sup> at 10:30 a.m.<span style="mso-spacerun: yes;">&nbsp; </span>This seminar will be held at the Weyers-Hilliard Library in Green Bay.<span style="mso-spacerun: yes;">&nbsp; </span>More details can be found here:<span style="mso-spacerun: yes;">&nbsp; </span></span><a href="http://www.theestateplanninggroup.com/event/life-and-legacy-planning-weyers-hilliard/"><span style="color: blue; font-family: Calibri;">http://www.theestateplanninggroup.com/event/life-and-legacy-planning-weyers-hilliard/</span></a><o:p></o:p></div><span style="font-family: Calibri;">From all of us at Davidson Law Office and The Estate Planning Group, we wish you a Merry Christmas and a safe and happy New Year!</span>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-39651023687332300812016-12-16T08:33:00.000-08:002016-12-16T08:33:33.601-08:00Estate Planning through the AgesWhen you hear the words “estate planning” what is your first thought? Oftentimes, images of the very wealthy along with complex trust and tax planning spring to mind. In actuality, estate planning includes important documents that should be considered by people of all ages, regardless of one’s current stage in life. Whether a person just turned 18 or is enjoying retirement, estate planning includes different legal documents that deserve discussion. Below are some of the important periods and ages where estate planning should be thought about:<br /><ul><li><strong>Turning 18</strong>: Every person should have, at the very least, a valid Health Care Power of Attorney and Financial Power of Attorney in place upon turning 18. Wisconsin Statutes do not provide for any “default” person to make decisions for an individual after they turn 18, even if they are a parent or spouse. In the absence of a valid Health Care Power of Attorney, a guardianship proceeding may be required, which can become very expensive.</li><li><strong>Parents of young children</strong>: Estate Planning is also critical for parents of young children. By executing a will, young parents can nominate a guardian to provide personal security for their minor children. From the financial side, a testamentary trust can be incorporated into the will to ensure minor children do not receive all assets left to them by their parents at age 18 in one lump sum distribution. Instead, parents can nominate a trustee to manage any assets for the benefit of minor children and make distributions to the children upon reaching a pre-determined age, set by the parents.</li><li><strong>People looking to avoid Probate</strong>: Estate Planning also includes more detailed plans for individuals or couples who desire to bypass the probate process. With a revocable trust, the probate process can likely be largely avoided, which in turn, leads to a quicker estate administration and a faster distribution of assets to beneficiaries. The revocable trust is also a private document that is not publically available and can give added protections for beneficiaries from creditors.</li><li><strong>Individuals concerned with protecting assets from Nursing Home Care</strong>: For individuals who are worried about the possible costs of nursing home or long-term care, estate planning can provide asset protection. An irrevocable trust, unlike a revocable trust, can be used to shelter certain assets from being liquidated to satisfy nursing home expenses. However, assets are only safe if they are in the irrevocable trust for the 5 years prior to applying for a needs-based program, such as Medicaid. Additionally, control of any assets in an irrevocable trust must be ceded from the initial owners. Even with these trade-offs, for some clients the benefit of protecting certain assets from any nursing home care is well worth the protections an irrevocable trust provides.</li></ul>The Estate Planning process addresses a wide range of issues for individuals of all different ages. From the young couple who just had their first child to the couple who has been together for over 60 years who are concerned about the impeding cost of nursing home care, estate planning can provide ease of mind ensuring the maximum protections are in place to preserve and protect each person’s assets.The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-31906193411989659762016-11-16T11:45:00.000-08:002016-11-16T11:45:17.711-08:00Who do we give the Packer Season Tickets to?Green Bay Packers Season Tickets. As of the writing of this article, the current wait list is around 120,000 people. So, it is easily understandable why families with tickets want to pass them on to loved ones.<br /><br />But for some, the answer to who to give the tickets to is a challenging decision. We recently had someone come to see us who was really struggling over who to give his tickets to because he did not want to appear to favor any of his children. Thankfully though, he is making this difficult decision now.<br /><br />All too often, inadequate instructions can cause conflict among family members and yes, sometimes even lawsuits (See Milwaukee Journal Sentinel Article, "Brother sues brother over Packer Tickets.").<br />While these are hard decisions, understanding the rules can streamline the process.<br /><br />Green Bay Packer Ticket Policy requires that the owner of every season ticket be either an individual or a business (no co-ownership allowed). This bears noting because if you have multiple beneficiaries, they may not agree on a single individual owner and in the absence of agreement, no transfer occurs.<br /><br />Without any direction from a season ticket holder, upon their passing, season tickets will likely first go to a surviving spouse, and if no spouse, then to surviving children. Remember, if the surviving children, cannot agree on a single child owning the tickets, no transfer takes place.<br /><br />If you have put in place a will or a trust, you can specify who you desire to take ownership of the Packer tickets. Importantly, your will or trust can also list alternate beneficiaries, if your first choice, passes away before you.<br /><br />In endeavoring to assist individuals, the Packers organization has also put together a Season Ticket Transfer Form to memorialize your desires and pass your tickets to your chosen beneficiary.<br /><br />For more tips and suggestions on ensuring all of your assets, including your Packer tickets, pass smoothly to your chosen beneficiaries, come to our final seminar of 2016 at the <strong>Heart of the Valley Chamber of Commerce Building in downtown Kaukauna on Saturday, December 3<sup>rd</sup> at 10:00 am</strong>. Refreshments will be provided. For information on how to sign-up, click <a data-mce-href="http://www.theestateplanninggroup.com/event/estate-planning-presentation-chamber/" href="http://www.theestateplanninggroup.com/event/estate-planning-presentation-chamber/">here</a>!The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-63717968703576601032016-10-01T12:11:00.000-07:002016-10-01T12:11:18.648-07:00Including Digital Assets In Your Wisconsin Estate Planning<b><span style="font-family: Arial,Helvetica,sans-serif;">Making a Plan for Your Digital Assets</span></b><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">According to an old 2011 McAfee study, on average, Americans value the digital assets they own across multiple digital devices at approximately $55,000.&nbsp; As technology races forward, I'm sure that number has grown exponentially.&nbsp; Unfortunately, a vast majority of us have not planned for what happens to these assets after we’re gone.&nbsp;</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">Estate planning for digital assets is growing as fast as technology, and involves issues of security, privacy and legacy planning.&nbsp; Wisconsin finally passed a new law in 2016 to provide access to limited digital assets by a personal representative, but it doesn't cover everything. For planning purposes, digital assets can include:</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Email accounts</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Photos</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Documents and files</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Websites and blogs</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Social networking accounts</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Music and books</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Online shopping accounts</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Banking and bill pay accounts</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">Practical issues that should be considered when planning for the disposition of digital assets include:</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; Who will access and control the accounts following your death</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; How your executor or agent will get access&nbsp;</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; How your digital assets can be transferred to beneficiaries if desired</span><br /><span style="font-family: Arial,Helvetica,sans-serif;">•&nbsp;&nbsp;&nbsp; How fiduciaries will know where to find all the information on your digital assets</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">There are two steps you should take to protect your digital assets, with the guidance of a Personal Family Lawyer®:</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;"><b>Inventory digital assets.</b>&nbsp; Make a list of all your accounts and assets, including user names and passwords, answers to security questions and any other necessary information that will allow your executor or fiduciary to access the information.&nbsp;</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;"><b>Include digital assets in your Wisconsin estate plan.</b>&nbsp; Include specific enabling provisions in your estate plan that covers the management and disposition of <i>all</i> of your digital assets if you become incapacitated or die.&nbsp;&nbsp;</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">If you would like to discover the difference a comprehensive plan can make in protecting your family and your wealth, give us call.&nbsp; Click on The Estate Planning Group logo on the right to visit our website and learn more, or to submit a contact request if you're ready to get started.&nbsp;&nbsp;</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">We're your Appleton, Kaukauna and Green Bay estate planning attorneys who make a difference with our client family.&nbsp; We are proud to be home to Wisconsin's only licensed Personal Family Lawyer</span><span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-family: Arial,Helvetica,sans-serif;">®</span> and Family Business Lawyer</span><span style="font-family: Arial,Helvetica,sans-serif;">®.</span>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-88608967429934541722016-09-23T18:30:00.000-07:002016-09-23T19:35:23.421-07:00The Estate Planning Group, Appleton, Kaukauna, Kimberly and Green Bay Estate Planning Attorneys <div class="separator" style="clear: both; text-align: center;"><a href="https://4.bp.blogspot.com/-jpL9mrxFr9A/V-XlgMcMCrI/AAAAAAAABQ4/zVwcy_q9qeMCRt3N6LsyyaTB6BhOdcPkQCLcB/s1600/WIC%2B0258%2BTHE%2BESTATE%2BPLANNING%2BDIR.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://4.bp.blogspot.com/-jpL9mrxFr9A/V-XlgMcMCrI/AAAAAAAABQ4/zVwcy_q9qeMCRt3N6LsyyaTB6BhOdcPkQCLcB/s640/WIC%2B0258%2BTHE%2BESTATE%2BPLANNING%2BDIR.jpg" width="436" /></a></div><br />The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-25438827619404477192016-09-18T18:30:00.000-07:002016-09-19T22:27:55.779-07:00Asset Protection May Not Be A Good D-I-Y Project<div align="justify"><br /><span style="font-family: Arial,Helvetica,sans-serif;">I like to point out how Do-It-Yourself lawyering can be very costly - when it comes to protecting your family and your assets, it is really an area where people can be penny-wise and pound foolish. Unfortunately, when you or your family need the protection of a well constructed plan is when the shortcomings will be sorely felt.&nbsp; </span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">Individuals and businesses will sometimes take steps in order to protect some of their assets from potential liabilities and/or creditors. Asset protection planning is nothing new, and, if done right by an experienced professional can be legal, ethical and provide the desired security. </span><br /><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span><span style="font-family: Arial,Helvetica,sans-serif;">The Courts, however, are none too pleased to see people playing shell games solely for the sake of hiding an asset. There is a whole set of Federal and State statutes which deal specifically with the concept of a "fraudulent conveyance" or fraudulent transfer of assets. In bankruptcy proceedings, for example, any transfer of assets occurring within a specified time of the bankruptcy filing will be scrutinized and will often be voided, bringing the asset back into the pool available to the bankruptcy creditors. </span><br /><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span><span style="font-family: Arial,Helvetica,sans-serif;">The Do-It-Yourself brand of asset protection can sometimes take amusing turns. As this December 23 decision of the Wisconsin Court of Appeals illustrates, you can't give away your asset and have it, too! Although Jezeski v. Jezeski involves a transfer to protect assets from an ex-spouse in a divorce proceeding, the decision bears import with regard to evading creditors of any kind. </span><br /><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span><span style="font-family: Arial,Helvetica,sans-serif;">Stanley Jezeski was about to divorce his wife, Rosalie, so he "gave" a parcel of land to his brother, Thomas, under a contract that called for Thomas to "sell" the land back after the divorce was finalized. The idea was that Stanley would go through the divorce, lose whatever he had to lose, but get to keep his prized parcel of land. </span><br /><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span><span style="font-family: Arial,Helvetica,sans-serif;">Once the divorce was final, Stanley wanted his land back (can you see where this is going?), but Tom said "no can do, mon frere." As it turns out, Thomas refused to honor the contract and decided to keep the land for himself. So Stanley sued his brother Tom to enforce the contract. </span><br /><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span><span style="font-family: Arial,Helvetica,sans-serif;">Ultimately, Rosalie did not get the land, but then, neither did Stanley. The Court held that Stanley could not enforce the contract because it was a fraudulent contract in the first place, created for the sole purpose of defrauding the Family Court. </span><br /><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span><span style="font-family: Arial,Helvetica,sans-serif;">So, lucky Tom. He got the land. He might have let Stanley continue to hunt it, too, if it weren't for that d*#d lawsuit. </span><br /><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span><span style="font-family: Arial,Helvetica,sans-serif;"></span><br /><span style="font-family: Arial,Helvetica,sans-serif;">Attorney Kevin W. Davidson is a Wisconsin probate, wills, trusts and estate planning attorney with The Estate Planning Group, LLC / Davidson Law Office,&nbsp; LLP</span><span style="font-family: Arial,Helvetica,sans-serif;"> – Wisconsin estate planning attorneys who provide Life &amp; Legacy planning helping Wisconsin’s families plan for an uncertain future so they can stop worrying and start living, with offices in Appleton, Kaukauna and Green Bay (coming soon to Kimberly!). &nbsp;Call us if you’d like our family of professionals to help you ensure your family and your legacy are protected no matter what happens. </span></div>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com0tag:blogger.com,1999:blog-4671737193128139202.post-65900778331066751412016-09-16T18:00:00.000-07:002016-09-19T22:33:41.395-07:00What Is Probate? Will My Family Need To Go Through Probate Court?<div style="text-align: justify;">&nbsp;<span style="font-family: Arial,Helvetica,sans-serif;">&nbsp;&nbsp;&nbsp; There is a lot of misunderstanding on just what probate is, and when an estate goes through the Probate court.&nbsp; Many believe that if they have a Will, their family will not have to go through the Probate process - not true.&nbsp; If you have no Will, your estate goes through Probate <i>and</i> if you have a Will, your estate goes through Probate ...&nbsp; <i>unless you have done specific probate avoidance planning, such as put in place a fully funded family revocable trust</i>.</span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;">&nbsp;&nbsp;&nbsp;&nbsp; So, let's look at what probate is:&nbsp;Probate is the formal process of transferring your estate assets to your creditors, and the beneficiaries as designated by law, or within provisions set forth in your will, if you had prepared one. It is court-supervised, requiring validation and accounting of all claims by creditors against your assets at your death, as well as requiring an accounting of all remaining assets, and approval of the distribution of such assets. At the beginning of a probate administration, a petition is filed with the court, usually by the personal representative named in your will. After notice is given, and a hearing is held, your will is admitted to probate and a personal representative is appointed. If you die without a will (“intestate”), your estate is subject to the same probate court administration, only the personal representative, or administrator of the estate, is appointed by the court, and the distribution is carried out strictly as the law prescribes.</span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;">&nbsp;&nbsp;&nbsp;&nbsp; If your total estate assets at the time of death do not exceed $50,000, the beneficiaries of your estate may file for an “informal probate,” which is a simplified procedure to settle the estate without all of the formalities required in the standard probate administration. </span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;">&nbsp;&nbsp;&nbsp;&nbsp; The probate process has some advantages. In highly contentious situations, though the costs to the estate will be relatively high, the probate court strictly applies the rules set forth in the law to resolve disputes regarding asset distribution, with oversight and final accounting approved by the court to ensure proper application of the law.</span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></div><div style="text-align: justify;"><span style="font-family: Arial,Helvetica,sans-serif;">&nbsp;&nbsp;&nbsp;&nbsp;Disadvantages of probate include its public nature; your estate plan and the value of your assets become a public record. Additionally the time to settle the estate, the formalities imposed upon the family, and the expenses to complete the process, can be significant. The average&nbsp;probate in Wisconsin takes approximately 18 months to complete and consumes approximately&nbsp;6% to 10% of the estate value - for example in a $200,000.00 estate, one can expect <b>$12,000 -</b> <b>$20,000.00</b> in costs that <b><i>won't go to the heirs or beneficiaries</i></b>.&nbsp; The advantages and disadvantages of a probate proceeding should be discussed thoroughly with your estate planning lawyer.</span><br /><br /><span style="font-family: Arial,Helvetica,sans-serif;">&nbsp;&nbsp; The Estate Planning Group / Davidson Law Office – Wisconsin estate planning attorneys provide Life &amp; Legacy planning helping Wisconsin’s families plan for an uncertain future so they can stop worrying and start living. &nbsp;Call us if you’d like our family of professionals to help you ensure your family and your legacy are protected no matter what happens. </span></div><div style="text-align: justify;"><br /></div>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.comtag:blogger.com,1999:blog-4671737193128139202.post-29671043465737343972012-09-12T08:44:00.000-07:002012-09-12T08:46:31.282-07:00Don't Give It Away To Just Anyone - Asset Protection Must Be Properly Planned."We've already titled our home to our kids, so its protected"<br /><br />This is probably the most alarming thing I hear from potential clients when we discuss asset protection in the context of estate planning.&nbsp;&nbsp; <br /><br />For most folks, the "protection" they are talking about can be summed up in this oft repeated phrase: "we want to make sure our kids get the home, rather than losing it to the nursing home."<br /><br />Unfortunately, the simple act of gifting directly merely shifts the risk from one potential loss to others - and can have extremely adverse consequences if the wrong circumstances should arise.<br /><br />Consider that if you have gifted your home away, you no longer own it, and whoever you gifted it to does, in fact, own it. &nbsp;Now, I would not suggest that your children are likely to have a change of heart and turn you out on the street because they now own your home, but their creditors could and would throw you out without a second thought. <br />If Jr. ends up getting sued for big bucks, guess who's home may be up for grabs for the judgment creditor?<br /><br />With proper planning, we can address the risk on all sides, so you have protection in place for you and your family, rather than just blinders blocking your view of other risks.The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com1tag:blogger.com,1999:blog-4671737193128139202.post-81582107524728163732010-03-06T21:26:00.000-08:002012-09-12T08:16:18.281-07:00Time To Take Steps Toward Asset Protection<div style="text-align: justify;">I've recently run into a string of situations wherein Asset Protection Planning <em><span style="color: black;">could have</span></em> saved my clients or their families significant monies and countless worries and headaches.&nbsp;&nbsp; The most important pair of words in that sentence is "could have,"&nbsp; which, of course, begs the question "if?"</div><br /><div style="text-align: justify;">The answer to that "if" is simple, yet ignored by nearly everyone, every day.&nbsp; That answer is "<em>if they had put in place an asset protection plan</em>."&nbsp; Simply put, <strong><em>no plan,&nbsp;no protection</em></strong>.</div><br />Simple enough?<br /><br /><div style="text-align: justify;">Of course, plans vary, and levels of protection vary along with those plans, but the&nbsp; bottom line is that everyone can benefit from the tools and techniques of asset protection planning.<br /><br /></div><div style="text-align: justify;"></div><div style="text-align: justify;">The fundamentals&nbsp;underscoring the need for asset protection are counterintuitive to the American Dream - we want ot own things.&nbsp; Regrettably, everything you now own becomes a potential liability and a potential target.&nbsp; <br /><br />A statistic related to me by a colleague recently was that it is now estimated that 1 in 3 Americans can expect to be dragged into a lawsuit.&nbsp; A staggering statistic - take a look at the person to your left, now take a look at the person to your right, one of you three are likley to be involved in at least one lawsuit.<br /><br />Another staggering figure was related to me at a client's kitchen table.&nbsp; As we discussed the husband's pending return home from a short stay at a local nursing home, talk turned to the potential costs if he was unable to return home.&nbsp; The nursing home had quoted a rate of $7,480.00/month!&nbsp; It is easy to see how a modest estate may leave nothing for children, grandchildren or other loved ones with these levels of expenses for care.<br /><br /></div><div style="text-align: justify;"></div><div style="text-align: justify;">Whether the particular desire or need is to protect real estate for heirs or from creditors, to protect assets for beneficiaries in the event of a need for medical care, or to protect business or family assets from unforseen creditors, or simply to avoid the erosion of esate value imposed by the probate process, steps can be taken to secure your assets, and to secure peice of mind.<br /><br /></div><div style="text-align: justify;"></div><div style="text-align: justify;">First step, of course, is to contact an asset protection attorney to discuss what's at risk and what can be done to protect it.&nbsp; <br /><br />It's time to take that step toward securing your assets, before it's another "could have" statistic.&nbsp;</div><div style="text-align: justify;"><br />* Note that this information is provided as general information only and does not constitute legal advice with regard to any particular set of circumstances. As with any legal issue, consult with an experienced attorney if you have questions regarding matters related to the topics discussed in the blog or video. Davidson Law Office and Attorney Kevin Davidson do not provide legal advice outside of an attorney/client relationship memorialized by a written and signed contract for legal services.</div><br /><br /><div style="text-align: justify;">Davidson Law Office, LLP is an Appleton, Wisconsin law firm with a focus on business, asset protection and estate planning. Serving clients throughout Wisconsin from the heart of the Fox River Valley, with offshore asset protection services, intertnational business corporations,&nbsp;domestic business structures, irrevocable trusts,&nbsp;family living trusts, life estates, powers of attorney, and complete estate and family security planning packages.&nbsp; Attorney Kevin W. Davidson is a registered overseas agent for Anguilla B.W.I.'s Corporations Ministry.&nbsp; Free consultations.</div>The Estate Planning Group, LLChttps://plus.google.com/114609394262664600883noreply@blogger.com1